LONDON, Jan 11 — The world’s wealthiest 1 per cent have already exhausted their annual carbon budget — the amount of CO2 that can be emitted while keeping global warming within the 1.5°C limit — just ten days into the new year, according to a stark new analysis from Oxfam.

The richest 0.1 per cent used up their entire yearly carbon allowance by January 3.

Oxfam has dubbed this day “Pollutocrat Day” to highlight how the super-rich are disproportionately responsible for driving the climate crisis through their lavish lifestyles and carbon-intensive investments.

The report warns of severe consequences, estimating that the emissions generated by the richest 1 per cent in a single year will cause 1.3 million heat-related deaths by the end of the century.

Furthermore, decades of overconsumption by the super-rich are projected to inflict economic damage on low and lower-middle-income countries totalling an estimated US$44 trillion (RM180 trillion) by 2050.

To align with the 1.5°C target, the wealthiest 1 per cent would need to slash their emissions by 97 per cent by 2030.

The disproportionate climate impact stems from both the personal consumption of the super-rich and their financial stakes in the most polluting industries.

Oxfam’s research finds that the average billionaire’s investment portfolio will produce 1.9 million tonnes of CO2 annually.

This financial influence extends to policymaking, with the report noting that the 1,600 fossil fuel lobbyists at the recent COP summit in Brazil outnumbered every national delegation except the host’s.

“By cracking down on the gross carbon recklessness of the super-rich, global leaders have an opportunity to put the world back on track for climate targets and unlock net benefits for people and the planet,” said Nafkote Dabi, Oxfam’s Climate Policy Lead.

In response, the anti-poverty organisation calls on governments to implement a series of measures to make rich polluters pay, including increasing taxes on the income and wealth of the super-rich; imposing excess profit taxes on fossil fuel corporations; and banning or punitively taxing carbon-intensive luxury items such as super-yachts and private jets.

The analysis is based on a per-person carbon budget of 2.1 tonnes of CO2, derived from the UN’s 2030 emissions targets required to stay within the 1.5°C warming limit.

Oxfam’s research found that the average person in the richest 1 per cent emits 75.1 tonnes per year, exceeding their annual budget in just over 10 days.